Bynd Artisan: A retail luxury brand’s journey of innovation and transformation
Publication Type
Case
Publication Date
5-2021
Abstract
Set in May 2020, this case describes the entrepreneurial journey of Bynd Artisan (Bynd), a Singapore-based atelier that sold premium paper and leather goods. Founded by Winnie Chan and James Quan in October 2014 as an entity distinct from Chan’s traditional paper and leather goods family business, Bynd had grown to become an iconic retail luxury brand recognised for its artisanal excellence and heritage. Over the years, it had won numerous accolades in Singapore for the craftsmanship, quality and designs of its bespoke products. By 2020, Bynd had five retail stores in the city-state and employed 35 people.
However, Bynd’s sophisticated and premium product line predominantly catered to professionals, managers, executives and technicians (PMETs) above the age of 23 years. Its’ high-end pricing made it inaccessible to the younger customers such as the Generation Z. In order to target these young customers, Chan and Quan planned to launch a second product line under the brand name ‘reBynd’ - made of recycled material, comprising simpler but more modern designs, and priced significantly lower than Bynd.
However, the founders faced a dilemma regarding the retail channel – online or physical – to be used for distributing reBynd’s products. On the one hand, the online channel seemed to be a better fit with the target customers’ profile, and the brand’s sustainable positioning and value proposition. On the other hand, reBynd, as a new and a lifestyle-related brand, would need a tactile physical environment to gain customers’ acceptance. Moreover, despite the high internet penetration in Singapore, brick & mortar sales had dominated its retail industry by far.
What retail strategy should Bynd consider for its second brand, given the trade-offs associated with both online and offline channels? More importantly, would the introduction of a cheaper secondary brand dilute the primary brand’s luxury status?
Students will learn about the process of building a heritage-based luxury brand; the importance of customer engagement and perceived value in developing a strong brand equity; different growth strategies that can be adopted, the construct of brand organisation and architecture; risk of product cannibalisation and brand dilution due to multiple product lines; and the implications of the retail-mix adopted on the company’s brand building efforts.
Keyword(s)
Brand management, Luxury brands, Product lines, Brand Architecture, Marketing channels, Brand positioning
Discipline
Marketing
Research Areas
Marketing
Data Source
Field Research
Industry
Retail and consumer goods
Geographic Coverage
Singapore
Temporal Coverage
2020
Education Level
Executive Education; Postgraduate; Undergraduate
Publisher
Singapore Management University
Case ID
SMU-21-0006
Additional URL
https://cmp.smu.edu.sg/case/4876
Comments
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